The facts of the case were that the taxpayer (formally called Transurban) entered into an agreement with the Victorian Government for the City link project. The taxpayer was required to pay the "concession fees" to the Victorian Government in return for the right to build and operate toll roads. The Concession Deed provided that the taxpayer with the option of paying the concession fees by the issue of concession notes with the face value of …showed first 75 words of 952 total…

…showed last 75 words of 952 total…often overlaps with timing rules because of the importance of form in the character of receipts and expenses. A periodic payment, such as the payment of concession notes in this case, is far more likely to have a revenue nature than a single lump sum receipt. The close he connection between form and the characterisation of receipts and outgoings encourage the taxpayers to manipulate arrangements in a bid to change the character of an expense.